Newsday reported Monday night that the Isles will waive their onetime franchise goaltender as part of a compliance buyout. The club will pay DiPietro $24 million over the next 16 years ($1.5 million per); that money will not count against the team's salary cap. DiPietro had eight years remaining on the infamous 15-year, $67.5 million contract he signed in 2006.

Rick DiPietro in one of his rare recent NHL appearances for the Islanders. (AP Photo)

"It is an extremely tough decision to use the compliance buyout on Rick's contract," Islanders general manager Garth Snow told Newsday. "His drive to win games and compete at the highest level for the New York Islanders was never questioned. With Rick back at 100 percent health, we wish him nothing but the best as he continues to pursue his career."

DiPietro is known more for the contract than his status as a No. 1 overall draft pick (in 2000) and his 13-year NHL career. Frequent injuries have made the deal look even worse; DiPietro has played 50 NHL games total over the past five seasons.

Over parts of 11 seasons with the Islanders, DiPietro is 130-133-8 with 28 overtime losses in 315 games. He has earned 16 shutouts and posted a 2.86 goals-against average and .903 save percentage.

The Islanders are now in the market for a goalie.

Veteran netminder Evgeni Nabokov went 23-11-7 this past season and helped the Islanders get into the playoffs for the first time since 2007. Nabokov, who will turn 38 later this month, is a free agent and could be a candidate to return to New York.

As of now, the only goalies the Islanders have under contract are Kevin Poulin and Anders Nilsson, who are both 23 and largely unproven.

Poulin is 7-9-1 in 21 NHL games over three seasons with the Islanders, plus two games in this year's playoff series against Pittsburgh in which he allowed only one goal. Nilsson's NHL experience is limited to four games during the 2011-12 season, when he went 1-2 and gave up 10 goals.